Bajaj Finserv announced a robust financial performance for the third quarter of FY24, with a 21% YoY growth in consolidated net profit, reaching ₹2,158 crore. In comparison, the net profit for the same quarter in the previous year was ₹1,782 crore.
Consolidated Revenue Surge
The company witnessed a substantial 34% YoY increase in consolidated revenue for Q3FY24, reaching ₹29,038 crore from ₹21,755 crore.
Strong Performance in Subsidiaries
Bajaj Finserv Asset Management Ltd.
The mutual fund schemes of Bajaj Finserv Asset Management Ltd. received positive responses, resulting in assets under management (AUM) of ₹6,395 crore as of December 31, 2023.
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Life Insurance Business
The life insurance gross written premium during the quarter ending December 2023 rose by 21% YoY and 2.4% QoQ. Gross written general insurance premium also showed a significant 25% YoY increase.
Bajaj Finance Highlights
Bajaj Finance, a subsidiary, reported remarkable achievements:
- Customer franchise increased by 3.85 million.
- Number of new loans booked reached 9.86 million.
- Quarterly consolidated profit after tax increased by 22%.
- Consolidated assets under management surpassed ₹300,000 crore in Q3FY24.
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Financial Metrics Overview
- Assets Under Management (AUM) as of December 31, 2023, stood at ₹310,968 crore, marking a 35% increase from December 31, 2022.
- Gross Non-Performing Assets (NPA) and Net NPA as of December 31, 2023, improved to 0.95% and 0.37%, respectively.
- Provisioning coverage ratio on stage 3 assets reached 62%.
Bajaj Allianz Life Insurance Company (BALIC) Performance
- Profit after tax increased by 33% to ₹108 crore in Q3FY24.
- New business premium rose by 12% to ₹2,561 crore YoY.
- Net New Business Value (NBV) increased by 20% to ₹251 crore YoY.
Financial Strength and Market Update
- Solvency ratio as of December 31, 2023, was robust at 355%, exceeding the minimum regulatory requirement of 150%.
- Assets Under Management (AUM) represented by cash and investments increased by 17%, reaching ₹30,296 crore.
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